Actavis Closes Acquisition Of Forest Labs - Quick Facts

(RTTNews) - Actavis plc (ACT) announced Tuesday that it has completed the acquisition of Forest Laboratories, Inc. (FRX) in a cash and equity transaction currently valued at approximately $28 billion. The combination creates a specialty pharmaceutical company, with annual revenues of more than $15 billion anticipated for 2015.

In conjunction with the close of the acquisition, Paul Bisaro, formerly Chairman and CEO of Actavis, has been named to the position of Executive Chairman of Actavis; Brent Saunders, formerly CEO and President of Forest, has been named CEO and President of Actavis; Robert Stewart, formerly President, Global Operations for Actavis, has been named Chief Operating Officer.

Bill Meury, formerly Executive Vice President, Sales and Marketing for Forest, has been named Executive Vice President Commercial, North American Brands; and David Buchen, formerly Actavis' Chief Legal Officer, has been named Executive Vice President Commercial, North American Generics and International.

In February, specialty pharmaceutical company Actavis agreed to buy rival drug maker Forest Laboratories for about $25 billion in cash and stock.